Cleveland-Cliffs Inc. $CLF Stock: International Assets Investment Management LLC Cuts Holdings

Key Points

• International Assets Investment Management cut its Cleveland-Cliffs stake by 90.7% in the third quarter, selling 244,886 shares and retaining 25,000 shares worth about $275,000. Institutions and hedge funds collectively own 67.68% of the stock.
• Cleveland-Cliffs reported quarterly EPS of $0.28, beating the $0.24 consensus, while revenue of $5.61 billion fell short of estimates but increased 18.5% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $14.18. Shares recently traded at $11.48; a company director also bought 7,400 shares at $13.49 each.

International Assets Investment Management LLC reduced its stake in Cleveland-Cliffs Inc. (NYSE:CLF - Free Report) by 90.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 25,000 shares of the mining company's stock after selling 244,886 shares during the quarter. International Assets Investment Management LLC's holdings in Cleveland-Cliffs were worth $275,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of CLF. Partners Wealth Management LLC acquired a new position in Cleveland-Cliffs during the 3rd quarter valued at approximately $332,000. Harbour Trust & Investment Management Co lifted its stake in shares of Cleveland-Cliffs by 7.4% during the third quarter. Harbour Trust & Investment Management Co now owns 13,355 shares of the mining company's stock worth $147,000 after buying an additional 920 shares during the period. Oppenheimer & Co. Inc. lifted its stake in shares of Cleveland-Cliffs by 30.5% during the third quarter. Oppenheimer & Co. Inc. now owns 17,104 shares of the mining company's stock worth $188,000 after buying an additional 3,998 shares during the period. Signaturefd LLC grew its holdings in shares of Cleveland-Cliffs by 13.0% during the third quarter. Signaturefd LLC now owns 9,234 shares of the mining company's stock valued at $102,000 after buying an additional 1,059 shares during the last quarter. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at $346,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Cleveland-Cliffs Stock Performance

Shares of NYSE:CLF traded up $0.21 during midday trading on Friday, reaching $11.48. The company's stock had a trading volume of 16,771,912 shares, compared to its average volume of 25,280,778. The company has a quick ratio of 0.64, a current ratio of 1.87 and a debt-to-equity ratio of 1.28. The stock has a fifty day moving average of $12.52 and a 200 day moving average of $11.38. Cleveland-Cliffs Inc. has a twelve month low of $7.73 and a twelve month high of $15.35. The firm has a market capitalization of $6.55 billion, a PE ratio of -13.50, a P/E/G ratio of 5.92 and a beta of 1.99.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) last posted its earnings results on Monday, October 19th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.04. Cleveland-Cliffs had a negative net margin of 2.36% and a negative return on equity of 6.83%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.69 billion. During the same period in the previous year, the firm posted ($0.51) earnings per share. The firm's quarterly revenue was up 18.5% on a year-over-year basis. On average, equities analysts expect that Cleveland-Cliffs Inc. will post 0.10 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CLF. Morgan Stanley raised their target price on Cleveland-Cliffs from $12.50 to $14.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 20th. UBS Group set a $13.00 price target on Cleveland-Cliffs in a research note on Monday, September 7th. Citigroup increased their price objective on Cleveland-Cliffs from $12.00 to $14.00 and gave the company a "neutral" rating in a report on Friday, October 30th. Glj Research raised their price objective on Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a "buy" rating in a research note on Monday, September 21st. Finally, Wall Street Zen raised Cleveland-Cliffs from a "hold" rating to a "buy" rating in a report on Saturday, October 24th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.18.

Insider Activity

In related news, Director Edilson Camara bought 7,400 shares of the stock in a transaction dated Thursday, October 22nd. The shares were purchased at an average price of $13.49 per share, for a total transaction of $99,826.00. Following the completion of the purchase, the director directly owned 64,717 shares of the company's stock, valued at $873,032.33. This represents a 12.91% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.95% of the stock is currently owned by company insiders.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated North American steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, from mining and processing iron ore to producing and distributing finished steel products. Its operations include iron ore mines and pelletizing facilities, steel mills, finishing plants, and related manufacturing and distribution assets.

The company produces carbon steel, stainless steel, electrical steel, and other specialty products, including hot-rolled, cold-rolled, and galvanized sheet steel.

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